Mike

Klyn

is paid

$840

for a 40-hour work week and time and a half for hours above 40.

Klyn

worked

50

hours during the first week of February.

Klyn

is single, and his income tax withholding is

20

percent of total pay. His only payroll deductions are taxes withheld, CPP of

4.95

percent, and EI of

1.66

percent.

Klyn's

employer, Jones Ski Corp., pays all the standard payroll expenses plus benefits for employee pensions

(5

percent of gross pay), BC health insurance

($15

per employee per week), and disability insurance

($2

per employee per week).

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Straight-time pay	840.00	Overtime pay	315.00
Employee income tax withheld	231.00	CPPemployer's share	57.17
CPP withheld	57.17	EIemployer's share	26.84
EI withheld	19.17	Pension	57.75
Health insurance	15.00	Disability insurance	2.00

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Accounts	Debit	Credit
Feb.	17	Salary Expense	1,155.00
		Salary Payable		847.66
		Employee Income Tax Payable		231.00
		Canada Pension Plan Payable		57.17
		Employment Insurance Payable		19.17

Journal Entry
		Accounts	Debit	Credit
Feb.	17	Pension Expense	57.75
		Provincial Health Insurance Expense	15.00
		Disability Insurance Expense	2.00
		Employee Benefits Payable		74.75

Journal Entry
		Accounts	Debit	Credit
Feb.	17	Employee Benefits Expense	84.01
		Canada Pension Plan Payable		57.17
		Employment Insurance Payable		26.84

PrintDone

Journalize for Jones Ski Corp. the remittance of this payroll to CRA on March 15.

(Record debits first, then credits. Exclude explanations from journal entries.)

Journal Entry
Date		Accounts	Debit	Credit
Mar.	15